Typically it ends in rich people gobbling up even more property, money, and power, while potential competitors don’t have the resources to weather the troubles.
For some people rent is the smarter option. If your moving around every two years anyway for work you’d lose a lot of time and money on fees and taxes buying and selling. Home ownership should for sure be more accessible though.
i agree, but unfair market monopolies and lobbyism is what caused the housong crisis in the first place and those will continue to exist in other economies as well if we don’t legislate against them. the free market gives people the power to fuck over others. people have forgotten to include the philosophical counterpart to “as long as it doesn’t infringe upon the rights of others” in their capitalism because they were too busy cooming over their agency
the US and humanity as a whole is too tribeminded to instinctively act cooperatively across communities, and especially borders, which is why we need to systematically make it impossible for anyone to be left in the dirt. there is no human we do not have the resources to give a happy and fulfilling life, so anyone asking for more at the cost of that should be fucking beheaded, if you’re serious about minimizing human suffering.
Even if you plan on staying put, sometimes the math just doesn’t work out. Renting is, for me, much cheaper than buying, even accounting for equity. Depends on the housing market in your area.
That’s one of the main reasons why I don’t understand my younger friends’ insistence on starting with a single family house! I’m very handy, I built an extension to my mother’s house, redid most of her plumbing, I know my way around a house electricity and so on… My first property was a condo so I wouldn’t have to take care of most of that bullshit and could just enjoy having my own place and setting most of my housing budget “aside” instead of giving it all to a landlord or paying for upkeep that wouldn’t increase my property’s value.
But when I tell my friends that complain about not being able to afford a house that they should look into buying a condo as their first property instead? Yuck! That’s out of the question! Paying condo fees? Are you crazy?
As if a house didn’t come with the responsibility to put the equivalent to condo fees aside, just in case!
I’m guessing it’s mostly about building equity. The average net worth of a home owner is $225k, while the average net worth of a renter is $6k. You can usually get a lot of the money you pay for your mortgage back if you really need to (and likely much more long-term, if the housing market isn’t down). And you can do whatever you want with a house you own (change flooring, remodel, make garden beds, install solar panels, build a workshop, etc).
Renting makes sense if you plan on moving again within the next 5 years, or if you are very high income, can build significant equity while also paying rent, and just want everything taken care for you.
That’s why I’m saying starting with a condo makes a whole lot of sense, it’s the compromise between the two, but it seems less and less people want to start small to be able to afford something bigger later… My friends are just staying at their parents’ or in their authentic instead, even if they have more than enough money to afford a condo, but not enough for a house 🤷
Having owned a condo - I can’t honestly recommend them.
You’re beholden to an HOA in every way that can charge whatever they want.
I was paying $600/month for a green pool, a broken grill, and an ‘unassigned’ parking spot.
My place flooded 7 times in 6 years due to ‘unforeseen circumstances’ with no recourse because there is no way of knowing which of the 15 units above me leaked, or if it was a central pipe.
And I call bullshit on the no recourse, insurance companies would never have let it fly because the owner responsible is the one who’s insurance would have had to pay for the damage.
If you don’t have the means to buy a house now but have the means to buy another type of property that will allow you to buy a house at a later date, why would you continue living in an apartment where you’re already living next to a bunch of people instead of just becoming an owner of something equivalent that you can sell at a later date to get most (if not all) of your money back?
Nothing in my message is about my friends not being worthy of ownership, it’s about them wanting to go from nothing to everything in one step and not being willing to compromise in the meantime since they can’t afford to make the leap.
Do people expect to start their first job out of school as a manager or they expect to have to go up the ladder and learn their trade first? Why wouldn’t they expect that their first property won’t be their dream house?
Otherwise people can live somewhere far enough that they can buy their dream house for cheap as a first purchase and they deal with the other compromise, which is that professional opportunities are scarce and services are far.
Remind me when this guy’s 79 can’t work anymore and can’t afford rent on the shitty retirement they have and let’s see if they wish they had a fully paid off house by then 😂
Not everyone has shitty retirement funds and if you make the choice to rent you need to set money aside as if you were paying for maintenance on a house with a mortgage equivalent to your rent to compensate not being able to sell later on, in many cases you’ll end up with more money in your pockets too.
I hate renting with a passion and wish I could buy a home of my own, but that is the one silver lining. I’ve gotten home after a 14 hour shift and realized that something was wrong with the hot water heater. Put in a ticket with maintenance, gone to bed, and at 9 am the next morning they’re knocking on my door to fix it. I don’t have to deal with the mental load of even thinking about who to call let alone the financial headache of paying for it. I was also extremely lucky that in that case I lived in a place with amazing maintenance people.
I don’t feel secure that my state won’t pass horribly restrictive laws driving me to leave in the next 7 years which makes the financial decision to buy not necessarily worth it
Landchads can’t stop winning 🤣
And it always ends in tears, burning of debt records and redistribution of the land.
Actually, it almost never ends that way lol
Historically though, how does this end?
I guess we have never had a global property crisis before
Typically it ends in rich people gobbling up even more property, money, and power, while potential competitors don’t have the resources to weather the troubles.
Winning a piece of lead in their stomach or a piece of steel through their necks?
This but sad. People seem to love paying rent
I’ve never heard of anyone who loves paying rent. They just don’t think they can do anything about it when it gets raised.
For some people rent is the smarter option. If your moving around every two years anyway for work you’d lose a lot of time and money on fees and taxes buying and selling. Home ownership should for sure be more accessible though.
Housing is a human right, and should in my socialist inclined opinion be a state business.
The de-commodification of housing is incredibly based.
i agree, but unfair market monopolies and lobbyism is what caused the housong crisis in the first place and those will continue to exist in other economies as well if we don’t legislate against them. the free market gives people the power to fuck over others. people have forgotten to include the philosophical counterpart to “as long as it doesn’t infringe upon the rights of others” in their capitalism because they were too busy cooming over their agency
the US and humanity as a whole is too tribeminded to instinctively act cooperatively across communities, and especially borders, which is why we need to systematically make it impossible for anyone to be left in the dirt. there is no human we do not have the resources to give a happy and fulfilling life, so anyone asking for more at the cost of that should be fucking beheaded, if you’re serious about minimizing human suffering.
Even if you plan on staying put, sometimes the math just doesn’t work out. Renting is, for me, much cheaper than buying, even accounting for equity. Depends on the housing market in your area.
deleted by creator
That’s one of the main reasons why I don’t understand my younger friends’ insistence on starting with a single family house! I’m very handy, I built an extension to my mother’s house, redid most of her plumbing, I know my way around a house electricity and so on… My first property was a condo so I wouldn’t have to take care of most of that bullshit and could just enjoy having my own place and setting most of my housing budget “aside” instead of giving it all to a landlord or paying for upkeep that wouldn’t increase my property’s value.
But when I tell my friends that complain about not being able to afford a house that they should look into buying a condo as their first property instead? Yuck! That’s out of the question! Paying condo fees? Are you crazy?
As if a house didn’t come with the responsibility to put the equivalent to condo fees aside, just in case!
I’m guessing it’s mostly about building equity. The average net worth of a home owner is $225k, while the average net worth of a renter is $6k. You can usually get a lot of the money you pay for your mortgage back if you really need to (and likely much more long-term, if the housing market isn’t down). And you can do whatever you want with a house you own (change flooring, remodel, make garden beds, install solar panels, build a workshop, etc).
Renting makes sense if you plan on moving again within the next 5 years, or if you are very high income, can build significant equity while also paying rent, and just want everything taken care for you.
That’s why I’m saying starting with a condo makes a whole lot of sense, it’s the compromise between the two, but it seems less and less people want to start small to be able to afford something bigger later… My friends are just staying at their parents’ or in their authentic instead, even if they have more than enough money to afford a condo, but not enough for a house 🤷
Having owned a condo - I can’t honestly recommend them.
You’re beholden to an HOA in every way that can charge whatever they want.
I was paying $600/month for a green pool, a broken grill, and an ‘unassigned’ parking spot.
My place flooded 7 times in 6 years due to ‘unforeseen circumstances’ with no recourse because there is no way of knowing which of the 15 units above me leaked, or if it was a central pipe.
It sucked dick
deleted by creator
You realise the HOA is… the owners…
And I call bullshit on the no recourse, insurance companies would never have let it fly because the owner responsible is the one who’s insurance would have had to pay for the damage.
deleted by creator
If you don’t have the means to buy a house now but have the means to buy another type of property that will allow you to buy a house at a later date, why would you continue living in an apartment where you’re already living next to a bunch of people instead of just becoming an owner of something equivalent that you can sell at a later date to get most (if not all) of your money back?
Nothing in my message is about my friends not being worthy of ownership, it’s about them wanting to go from nothing to everything in one step and not being willing to compromise in the meantime since they can’t afford to make the leap.
Do people expect to start their first job out of school as a manager or they expect to have to go up the ladder and learn their trade first? Why wouldn’t they expect that their first property won’t be their dream house?
Otherwise people can live somewhere far enough that they can buy their dream house for cheap as a first purchase and they deal with the other compromise, which is that professional opportunities are scarce and services are far.
Remind me when this guy’s 79 can’t work anymore and can’t afford rent on the shitty retirement they have and let’s see if they wish they had a fully paid off house by then 😂
deleted by creator
deleted by creator
Not everyone has shitty retirement funds and if you make the choice to rent you need to set money aside as if you were paying for maintenance on a house with a mortgage equivalent to your rent to compensate not being able to sell later on, in many cases you’ll end up with more money in your pockets too.
I hate renting with a passion and wish I could buy a home of my own, but that is the one silver lining. I’ve gotten home after a 14 hour shift and realized that something was wrong with the hot water heater. Put in a ticket with maintenance, gone to bed, and at 9 am the next morning they’re knocking on my door to fix it. I don’t have to deal with the mental load of even thinking about who to call let alone the financial headache of paying for it. I was also extremely lucky that in that case I lived in a place with amazing maintenance people.
I don’t feel secure that my state won’t pass horribly restrictive laws driving me to leave in the next 7 years which makes the financial decision to buy not necessarily worth it